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How could an online contract management system benefit my business?

27/06/2013 13:20

Managing supplier contracts in paper format is time consuming, costly and prone to error. Missed renewal dates can cost a company dearly and result in overpriced second rate service. In larger organisations where each department manages its own contracts and agreements, duplication of product and service suppliers can also be an issue as there is no central repository for these documents.

An online contract management system will manage all the processes involved in selecting and appointing suppliers electronically and will provide a common platform for the whole organisation. Automatic alerts ensure that renewal dates are not missed and that sufficient time is allowed for re-negotiation. A ‘supplier rating’ feature also prompts users to periodically submit comments about SLA’s for example, which could influence renewal decisions.

A cloud contract management system offers even more efficiency and flexibility as it can be accessed 24 hours a day from any location in the world. This enables users to view documents when travelling or out of the office and version control ensures that the latest version of an agreement is always available.

Another benefit of cloud contract management systems is that they are subscription based so are more cost effective and they do not require any support from the organisation’s IT Department.

Existing contracts in paper format can be scanned into the system by a scanning bureau so the system can be delivered ready to use.